Nordea Bank Abp (NDA_SE) Q2 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning and welcome to Nordea's second quarter 2026 results. I'm Ilkka Ottala, head of investor relations. As usual, we'll start with a presentation by Group CEO Frank van Jensen, followed by a Q&A session with Frank and Group CFO Ian Smith. Please remember to dial into the teleconference to ask questions. With that, Frank, please go ahead. Good morning. Today we have published our results for the second quarter of 2026. This was again a strong quarter for Nordea. We drew good momentum across business. We attracted new customers and deepened existing relationships. And we achieved strong growth in savings and investments. All of this ensured we were firmly back to year-on-year income growth for the quarter. In fact, total income exceeded 3 billion euros and we were last there in 2024 at the peak of the higher rate environment. This highlights not only the strength of our diversified business model, but also our focused, growth-oriented 2030 strategy. We generated strong fee income and utter ancillary income. And importantly, net interest income has now started to move in the right direction. Moreover, this quarter, we also grew with income faster than cost, which is always our aim. It's good to be back to positive jaws. We're now six months into implementing our 2030 strategy, and our progress is starting to show through in our performance. I'll touch on some examples during the call. Of course, the world around us remains uncertain. The conflict in the Middle East continues to raise risks for the global economy. European countries in general, and the Nordics in particular, have so far navigated higher energy costs and other challenges remarkably well. Perhaps most in currency, we are seeing a greater willingness among companies to invest. The structural changes...